The recession plus the coming onslaught of baby boomers is putting Social Security in crisis much quicker than expected.
U.S. Rep. Spencer Bachus (R-AL) says “Social Security could face default within two years.”
Bummer.
As for the looming Social Security crisis, Bachus said options are just now beginning to be discussed.
“We could raise the retirement age, or in the worst case, cut back on some benefits,” he said. “But that is something we are just now beginning to get a handle on.”
They raised the retirement age already, and they initiated a tax on those who continue to work while drawing Social Security if they earn too much.
The gray panthers aren’t going to like this.
In the debate over health care, Bachus said that he could support a bill that includes privately-administered health “co-ops,” along with the elimination of fraud and waste in existing government programs like Medicaid and Medicare.
As if they need an excuse to eliminate fraud and abuse.
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